Learning Curves: Real-time Evaluation of ADB's Multi-tranche Financing Facility

Abstract

Pursuant to the ADB Board’s request, IED carried out a Real-time Evaluation (RTE) of ADB’s MFFs. The study covered 66 MFFs and 126 tranches with a combined approved amount of nearly $32 billion as of end December 2011. During the study period, very few MFF programs had been completed. As such, the RTE was not intended to provide a final judgment, but as a review of the experience in design and implementation, to obtain feedback for possible mid-course corrections. Comparisons of MFF with other long standing modalities (e.g., program loan, sector loan) will be possible after a few years when a sufficient number of MFF investment programs have been completed and self-evaluated. The RTE study report was approved by the Development Effectiveness Committee (DEC) in January 2013.